Kingdom Riyadh project on track [Arab News (Saudi Arabia)]
(Arab News (Saudi Arabia) Via Acquire Media NewsEdge) JEDDAH: ARAB NEWSPrince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), says the company's real estate projects are on the solid path of success which will lead to positive returns for shareholders.
Kingdom Holding Company has announced the progress of infrastructure works of the Kingdom Riyadh project located east of Riyadh in a press statement.
Kingdom Real Estate Development Company (KRED), which is developing the project, expects the first phase of the 4.9 million square meters to be completed in 4 months.
The KHC press release said that 75 percent of the excavation, cut and fill and drainage works by the main roads had been completed.
KRED has also signed an agreement with Colliers International which will do the feasibility study based on the market needs in terms of residential, office and commercial lands.
The study will also take into consideration the demands of investors who are willing and capable of developing the lands, based on world class standards. This study will form the nucleus of the second phase in addition to the other planned projects at the site.
In January 2013, KHC announced the signing of the agreement for the sale of a second land of the Kingdom Riyadh project on December 30. It had been set aside to be completed by other developers.
The area to be developed was bought by Jeddah-based Subul Development Co., for SR300 million.
The company has realized an estimated profit from the sale of around SR185 million.
This is the second sale to Subul Development Co. following the earlier sale in September of 2012, which netted KHC SR144 million.
Talal Al-Maiman, executive director, development and domestic investments, chairman and CEO of (KRED), a board member and investment committee member of Kingdom Holding Company and Jeddah Economic Company (JEC), said: "We are extremely pleased with the progress being made and our company's ability to attract developers to invest in the Riyadh project. The cumulative sales amounted to SR550 million and net gains of SR329 million." In 2011, KHC announced that Omrania & Associates was awarded the contract for the master planning & infrastructure design for "Kingdom Oasis Riyadh Land," a 16-million square-meter plot owned by the company on the Riyadh-Dammam Highway.
The contract includes conducting traffic and environmental impact studies, as well as other studies required to complement and complete the master plan. They will also serve in the role of local master planner, including liaising with local authorities.
In addition, Omrania will be carrying out the supervision of the infrastructure work on site expected to commence shortly.
Hart Howerton (HH) was awarded the design of the master plan for the 3.8-million-square-meter "Kingdom Oasis Riyadh Land" at the eastern side of the land.
As part of their scope of work, Hart Howerton will produce concept architectural studies for the hotel, women's spa and branded villas.
The preliminary master plan was submitted to Riyadh Municipality and their comments have been addressed by Hart Howerton.
Kingdom Oasis will also include a second Four Seasons Hotel and Resort in Riyadh.
The hotel will be taking advantage of a 75,000 square meter man-made lake with a magnificent waterfront and lush green areas surrounding it.
The design will have its roots in the Arab architectural tradition, with more relaxed elements in a Mediterranean resort style.
The Four Seasons will offer a world class luxury hotel of approximately 43 rooms and suites, a variety of food and entertainment venues, a full service destination spa for both males and females and a fitness center.
The open air water front promenade and lakeside pathways will link all guests and private residents together within the Resort emphasizing the sense of a community lifestyle.
Also a signature tent has been developed to host weddings and other events within a space of 2,500 square meters.
In providing the most unique environment in Riyadh, the Four Seasons will offer the opportunity to purchase one of 75 world class luxury Private Residence Villas.
The Private Residences will be around 450 square meters in size with the option of purchasing the unit fully furnished by Four Season's highest standards.
KHC is also leading the development of the second "Kingdom City" compound project in Riyadh that will be developed within the Oasis.
This was inspired by the rapid success of the first compound which is fully occupied and has a long waiting list.
"Kingdom City 2" will have units range from luxury four bedroom villas with private pools to studio and guest houses, with amenities including restaurants, pools and sports recreational areas, supermarkets, shops, a business center, a medical clinic and a school and will be developed to allow residents to take advantage of the other projects taking place adjacent to it.
The Real Estate Investment Company, Ltd. (REIC) owns and operates both Kingdom cities.
Moreover, KHC has signed an agreement with Saudi Telecom Company (STC) to provide Telecom Infrastructure for Kingdom Riyadh Land.
The agreement sets the foundation for establishing a smart city based on information and communication technology.
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